Polkadot and Cardano Will Surpass Bitcoin in Value: FD7

Polkadot and Cardano Will Surpass Bitcoin in Value: FD7

The Dubai-based cryptocurrency investment fund, FD7, believes that the value of Cardano (ADA) and Polkadot (DOT) will surpass that of Bitcoin (BTC) in the coming years. Consequently, the firm has announced that it will offload about $750 million worth of its BTC holdings and increase its exposure in ADA and DOT.

FD7 (Fall Down Seven Times) Ventures describes itself as a cryptocurrency-focused investment fund that “invests in entrepreneurs who stand up an 8th time” and has more than $1 billion in asset under management invested in several crypto assets, including Bitcoin, Ethereum, Polkadot, Cardano, and Cosmos.

The investment firm noted that it has begun to slowly phase-out $750 million worth of Bitcoin while simultaneously increasing its holding in ADA and DOT.

FD7 affirmed that this investment shift would “better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.”

Meanwhile, the fund’s Managing Director, Prakash Chand, had some not-so-good remarks about the benchmark cryptocurrency following the announcement. He said that: “Aside from the fact that Bitcoin was the first to market and society has given it meaning as a store of value, I think Bitcoin is pretty useless.”

Furthermore, he highlighted the prospects of cryptocurrencies like Ethereum, Cardano, and Polkadot, noting that they “will be more valuable than Bitcoin within the next few years.”

FD7 Lauds ADA and DOT’s Founders
In other news, the press release lauded the founders of Cardano and Polkadot, Charles Hoskinson and Dr. Gavin Wood, describing them as “two of the brightest minds working in the crypto development space today” and highlighted their contributions to the establishment of Ethereum years ago.

The fund noted that its decision to venture into ADA and DOT was based primarily on the reputation of the cryptocurrencies.

Meanwhile, Hoskinson has responded to the news via his Twitter account, saying that FD7 was welcomed to the Cardano ecosystem and that he was ready to offer technical assistance if needed.

 

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Bitcoin Is the Future of Collateral: Arcane Research

Bitcoin Is the Future of Collateral: Arcane Research

According to a recent 70-page report by Arcane Research in conjunction with Bitstamp, Bitcoin (BTC) is the future of collateral in the finance industry.

The report notes that Bitcoin is very similar to the internet, considering that it is a “blank canvas” on which developers can build creatively upon in any desired way.

Originally, Bitcoin was intended to serve as a cryptographically-secure digital currency. However, digital currency has evolved to be more of a store of value, a speculative asset for trading, and an efficient payment solution that could cause significant disruption in the financial industry.

That said the next step for the benchmark cryptocurrency is still unknown and could take on multiple forms. While many believe that Bitcoin’s next step is becoming the global reserve asset, Arcane believes that Bitcoin will take over the collateral industry.

The company asserted Bitcoin’s seemingly unlimited use cases make it the “greatest speculative asset in history.” For this reason, the asset trades with immense volatility, causing it to be especially attractive to derivatives traders. Derivatives trading is where a new case is expected to blossom.

Arcane reported that the primary cryptocurrency’s use as collateral has been significantly bolstered by the derivatives industry because of digital portability, helping it serve as a proof of concept for other collateral cases.

At the moment, the collateral industry is a $20 trillion market waiting to be tapped into by Bitcoin.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — February 25

Bitcoin appears to be struggling with regaining its bullish momentum, as the cryptocurrency has gotten confined within a consolidation range for the past 24 hours. BTC is currently in a pass-and-play mode between the $51,400 resistance and the $48,500 support amid thinning volume and volatility.

The prospects of Bitcoin falling below the $48k round figure seems very unlikely, at the moment, making a rebound in the coming hours possible. That said, the cryptocurrency would regain bullish stability only after a sustained break above the $52,500 resistance.

Meanwhile, our key resistance levels are at $50,000, $51,400, and $52,500. While our key support levels are at $48,500, $47,000, and $45,000.

Total Market Capitalization: $1.51 trillion

Bitcoin Market Capitalization: $928 billion

Bitcoin Dominance: 61%

 

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Bitcoin´s downside move below Pivot

Bitcoin´s downside move below Pivot

Key Resistance 51500 – 5300
Key Support: 44900 – 44000

Long Term View
Bitcoin is a buy asset and has been for a while. Swing trades against it have been horribly wrong in the past for a few big money managers. But we are traders so this doesn´t mean we can´t profit from downside moves in this asset on the short term.

1H Chart Analysis
Bitcoin has fallen from  the all time highs 22% and has pulled back to retest the previous broken level of support for an exact 50% retracement.
This is a very structured pullback and we are waiting for the retest of the immediate broken lows to jump in. We believe Bitcoin´s down potential is still there and the probability of a bearish continuation is high because big buyers have yet to step in lower.

Targets should be the retest of the previous lows for this day trade.

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India’s Central Bank Ramps-Up Its Intention to Ban Cryptocurrencies in the Country

India’s Central Bank Ramps-Up Its Intention to Ban Cryptocurrencies in the Country

The Reserve Bank of India’s (RBI) distaste for the cryptocurrency industry continues to grow as the apex bank recently expressed its worry about the potential impact of cryptocurrencies on the country’s economy.

At the same time, members of the bank have confirmed that the RBI is planning on releasing a digital rupee.

The bank has harbored its distaste for the crypto industry for years now and moved to prohibit its clients from working with any digital asset representatives in 2018, which was equitable to an outright ban.

Although India’s Supreme Court lifted the ban in 2020, the RBI has doubled-down on highlighting the potential issues from Bitcoin (BTC) and other crypto assets. The latest round of issue-listing recently came from Shaktikanta Das, the Governor of the RBI.

According to Bloomberg, the executive noted that the apex bank has forwarded these concerns to the Indian government. Although he avoided mentioning specifics, he has previously asserted that the alleged use of cryptocurrency for money laundering and other illicit vices has raised several red flags.

RBI Governor Shaktikanta Das. Source: Google

The governor’s comments are coming when the Indian government is seriously discussing placing a ban on all private cryptocurrencies. If approved, the legislation will automatically make the cryptocurrency industry illegal within the borders of India.

A Central Bank-Issued Rupee
While the government of India and the RBI are contemplating ways to eliminate cryptocurrencies from the country, both parties are also making plans of issuing a central bank digital currency (CBDC).

Although no date or specifics have gotten detailed yet, Das has confirmed that the bank is working astutely towards it.

With this CBDC consideration, the RBI has joined the list of other countries racing towards the same goal. Currently, the People’s Bank of China (PBoC) has most likely made the most advancement in this field.

The world’s second-largest economy has produced a beta CBDC, which it has test-run with several people in different regions. According to CNBC, the largest CBDC testing exercise in the country will occur in the southwestern Chinese city of Chengdu this year.

Citizens are encouraged to partake in a lottery for one of 200,000 vouchers, each worth between $27 and $37.

 

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Market Price Analysis: Bitcoin Market Valuation Drops Below $1 Trillion

Market Price Analysis: Bitcoin Market Valuation Drops Below $1 Trillion

The “no boring days in crypto” trope appears to have gained more validation over the past 24 hours. Just a few hours after Bitcoin (BTC) recorded a new all-time high at $58,480 and seemed to be waxing stronger on its bullish momentum, the benchmark cryptocurrency got racked with one of the sharpest declines in its history.

BTC went into an aggressive bearish spiral, losing over $11,000 to print a fresh weekly low at $47,000. However, the cryptocurrency bulls have sent the price back to the $50k region and are working hard to sustain that psychological level.

That said, Bitcoin’s market capitalization has shed more than $100 billion over the past 24 hours, sending it below the $1 trillion valuation level. The entire cryptocurrency market cap has dropped by about $300 billion over the same period.

Altcoins were not left out in the bearish battering, as the entire cryptocurrency market bleeds. Ethereum (ETH) was down by 17%, falling to the $1,470 level at press time. For better understanding, the second-largest cryptocurrency saw a new ATH at $2,040 during the weekend.

Meanwhile, Binance Coin (BNB), which also printed a new all-time high just a few days ago, has dropped by about -22%. Ripple (XRP) is down by -22%, while Litecoin (LTC) is down by -15%. Polkadot (DOT), Chainlink (LINK), and Cardano (ADA) are down by -18%, -24%, and -16%, respectively.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — February 23

Following its recent drop to the $47k low, Bitcoin staged a goodish bounce to the $55k mark. However, the primary cryptocurrency could not break back above our ascending trendline and met more supply, which sent it below the $50k mark once again.

That said, bulls have to defend the $50k support area or risk BTC falling to lower lows ($45,000) in the coming hours. Nonetheless, a good defense of the $50k mark could send BTC into a mild consolidation between the $52,500 resistance and the $50,000 support.

Meanwhile, our key resistance levels are at $52,500, $54,000, and $55,000. While our key support levels are at $48,500, $47,000, and $45,000.

Total Market Capitalization: $1.45 trillion

Bitcoin Market Capitalization: $909 billion

Bitcoin Dominance: 62%

 

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Have you invested in an extremely rare opportunity of a lifetime?

Have you invested in an extremely rare opportunity of a lifetime?

The Next “Buzz Word” Altcoins
Last month, the Bloomberg Galaxy Crypto Index was at 1414.37, following a low of 217.82 in early March. BTC had made a new high yesterday at $51,630.86. Today (February 17) and the index was at 2,295.61. That’s a huge gain for one month.

Let me put this into perspective. In late 2017, I said that cryptoassets were the biggest institution revolution since the Industrial Revolution and that they represented the investment of a lifetime. Institutions, however, were not ready or capable of participating in that revolution so they “pooh-poohed” it. The SEC decided that most altcoins were securities which precipitated a huge bear market. By the end of 2018, cryptos had undergone an 85% decline and BTC hit a low price of $3,236.76 on Dec 15, 2018. But then look what happened.
BTC was up 92.71% in 2019
It was up 305.94% in 2020
And it’s up 75.42% in less than 50 days of 2021….

What did I say in 2018? There was actually a period from October through November last year when I made over $3 million in 7 weeks. Cryptos are the investment of a lifetime.

While BTC could go up another 10 fold in the long run, I doubt that it will go much over $100,000 this year…. But the opportunity of a lifetime is not over because now the altcoins are starting to move. Here are a few examples, and this is just the movement in 2021.

BNB 289%
ETH 144%
LINK 178%
SNX 215%
AAVE 397%
CND 145%

And remember those gains are just from the 48 days of 2021….

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Update on Cryptoassets
I think that there are a number of altcoins that could go up 10 times or more during the rest of 2021. Now we might have a decline of 40% or more during the year, but it probably will be short-lived with a very quick recovery…
BTC was up 92.7% in 2019, 305.94% in 2020, and in the first six weeks of 2021, it’s up 74.22%. Let’s contrast that with the other hedge against the USD and disaster, gold. Gold was up 20.94% in 2019, up 18.32% in 2020, and it’s down 5.1% so far in 2021. The path of safety is now BTC.

Gold has about 10 times more market cap than cryptos right now (even though cryptos are now over a trillion for the 1st time). If all of the money in gold went into BTC, BTC’s price would be about $370,000…

People talk about BTC being volatile and risky. But where can you find something that has made over 1,000% in 3 of the last 11 years, over 100% in 8 of them, and had only two losing years? There is only one other place than BTC with anywhere near equal performance – other cryptoassets.
If you had bought BTC at the beginning of 2012 (well, not at the very beginning), you would have turned $1,000 into more than $7.1 million (up $4.5M last month)…

Remember these are 30-day percent gains. This is probably the easiest market possible to make a lot of money. You could, however, just as easily enter a position and immediately have a 25% drawdown – which could cause you to exit and then miss out on some nice gains. If you don’t have strong beliefs about cryptos like I do, crypto volatility will test you…

This newsletter makes no recommendations about cryptos but is a free service… I personally own positions in most of the cryptos mentioned in this newsletter.

Author: Van K. Tharp, PhD

Note: This article was culled and abridged from a monthly cryptos update by Dr. Van Tharp. The full article can be accessed here.

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UK Private Jet Company Reports Increased Bitcoin Use as Payment Option

UK Private Jet Company Reports Increased Bitcoin Use as Payment Option

Bitcoin (BTC) has gained more recognition as a payment system over the past few weeks, as a UK-based flight company, PrivateFly, reports that more than 20% of its revenue came from Bitcoin payments.

PrivateFly is a global private jet charter company with a recognized membership on several aviation industry bodies, including the BACA, ACANA, and EBAA.

A better look at the data showed that about 13% of all transactions in PrivateFly in January 2021 came in the form of BTC, while a slightly-lesser 12% can be seen for December 2020. This report shows that BTC use in the company has grown significantly, considering that the company was recording just 25 in BTC payments just a few months back.

The Chief Executive of the company, Adam Twidell, noted that the increase in BTC payments was likely because of the recent spike in BTC price over the past few months. However, he added that many predict more price surges for the cryptocurrency and might prefer to hold their coins rather than spend them.

PrivateFly began accepting BTC payments as far back as 2013 when a customer, who happened to be a tech entrepreneur, flew from Brussel to Nice and paid using the primary cryptocurrency. The company has now set up a new membership program that helps travelers deposit BTC in a holding account and get charged for flights based on the existing value of the asset at the time of booking.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — February 21

Bitcoin continues to maintain its aggressive bullish momentum, despite many calls that a sharp correction was just around the corner. The benchmark cryptocurrency is trading within a converging channel, as bulls now set their eyes on the $60k psychological resistance, following the recent decimation of the $50k barrier.

That said, we expect BTC to consolidate a bit between the $54k level and its recent all-time high at $57,500 before trodding along to the $60k mark.

Meanwhile, our key resistance levels are at $57,500, $59,000, and $60,000. While our key support levels are at $54,000, $52,500, and $51,000.

Total Market Capitalization: $1.75 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 61%

 

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Bitcoin to Hit $100k by the End of 2021: Anthony Scaramucci

Bitcoin to Hit $100k by the End of 2021: Anthony Scaramucci

Anthony Scaramucci, the founder of Skybridge Capital, continues to be wildly optimistic about the prospects and performance of Bitcoin (BTC), as he now believes that the cryptocurrency could break the 6-digit barrier in 2021.

The hedge-funder made his price prediction in a recent CNBC Squawk Box appearance after he got asked what his BTC price target for the year was. While he cautioned investors over Bitcoin’s infamous volatility, he noted that the overall price trajectory was still very bullish. The Skybridge executive said that “I do think we will see $100,000 in this coin before year-end.” He also noted that the cryptocurrency was seeing an exponential increase in demand while supply continues to thin.

Scaramucci also cited MicroStrategy as a prime example of the number of large investors waiting to jump on the Bitcoin train. The analytics company recently announced that it plans to raise about $900 million through Convertible Senior notes and other Bitcoin acquisitions.

Furthermore, Scaramucci touched upon the previously-mentioned Bitcoin Fund L.P. that got launched earlier this year. Although the founder did not provide any in-depth details on the progress of the fund, he stated that it is “doing quite well.”

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — February 18

Bitcoin continues to rip through resistance barriers and has just recorded a new all-time high of $52,668 in the early Asian session. However, the ATH recording got followed by a modest correction to the lower-$51k area.

That said, we expect the correction to persist a bit to the $50k round figure (and possibly lower) in the coming hours. However, it is worth mentioning that the prevailing trendline could provide a good rebound for the benchmark cryptocurrency and limit any further dips.

Meanwhile, our key resistance levels are at $52,668, $53,000, and $53,500. While our key support levels are at $51,000, $50,000 and $48,500.

Total Market Capitalization: $1.58 trillion

Bitcoin Market Capitalization: $965 billion

Bitcoin Dominance: 61%

 

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New All-Time High: Bitcoin Finally Breaches the Highly-Coveted $50k Barrier

New All-Time High: Bitcoin Finally Breaches the Highly-Coveted $50k Barrier

After a long week of push and pull, Bitcoin (BTC) has finally recorded a $50k price mark in the Asian session on Tuesday. The benchmark cryptocurrency recorded a daily high at $50,085 a few hours ago, according to Binance.

Although several exchanges have reported slightly different figures, most report that the $50k mark was indeed breached. At press time, BTC is trading at $49,200.

While the recent development is a positive one for Bitcoin, Glassnode noted in its latest weekly report that the Average Spent Output Lifespan indicator (ASOL) shows that older coin holders took advantage of last week’s Musk-driven rally to offload their holdings. The company noted that “the Elon Candle has lifted the average age of coins spent from 30-days to 58-days, as shown in the ASOL. This behavior slowed during the consolidation in January and has started ramping back up this week.”

Meanwhile, the on-chain analytics provider cited this data with a bullish metric that shows that sales of BTC by miners have dropped significantly, suggesting that they have accrued enough profit to break even.

Bitcoin’s recent rally has ended Monday’s correction and has lifted the entire cryptocurrency market capitalization back over $1.5 trillion.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — February 16

Following a correction to the $46,000 support (as projected in a recent analysis), the cryptocurrency has staged a massive comeback, recording a new all-time high at the highly-coveted $50k mark. However, BTC got rejected at the new ATH and saw a sharp drop to the $48,500 support level, where it has staged a healthy rebound to the $49,200 area.

That said, we expect a slightly-prolonged consolidation beneath the $50k mark, punctuated by modest retraces to the $49k mark (or below), while traders wait for a new bullish factor to push the price higher.

Meanwhile, our key resistance levels are at $50,000, $50,500, and $51,000. While our key support levels are at $48,500, $47,500 and $46,000.

Total Market Capitalization: $1.52 trillion

Bitcoin Market Capitalization: $913 billion

Bitcoin Dominance: 59.7%

 

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SEC Commissioner Calls for Cryptocurrency Regulations, as Corporate Interest Spikes

SEC Commissioner Calls for Cryptocurrency Regulations, as Corporate Interest Spikes

Hester Peirce, the commissioner of the US Securities and Exchange Commission, has asserted that there is a need for precise regulation of cryptocurrency. The recent spike in institutional interest in cryptocurrencies from the likes of Tesla, MasterCard, BNY Mellon, etc., is likely the trigger for the renewed regulation call by authorities.

“That adds to the urgency of us taking some sort of action in this area to provide more clarity,” the SEC executive said.

Also, Peirce commented on the recent “Reddit Rally” on GameStop, noting that it is still too early to implement to seek any policy changes as a result of the frenzy. However, she stated it was “wonderful” that a new generation of investors was participating in the market.

The Republican commissioner has always maintained an accommodative outlook on the cryptocurrency market. However, she has been calling for the creation of clear-cut regulations to allow crypto assets to thrive without toeing any law-breaking line.

“It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look,” she commented.

SEC Deliberates Corporate Investment Influence on the Crypto Space
The commissioner, or “Crypto Mom” as she’s popularly called, added that the SEC is now deliberating on a host of issues, including market volatility, the role of retail brokers, and the functionality of the post-trade market. The SEC executive said that “to see new investors participating in the markets is a good thing, and of course, we want them to be educated and skeptical.”

Peirce’s regulation concerns are not unfounded considering the kind of effect large cryptocurrency investments have on the price dynamics of the underlying digital asset, with Bitcoin (BTC) and Dogecoin (DOGE) as examples.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.